USD/CAD Outlook: Upbeat Canada's retail sales push loonie to one-month high

Slobodan Drvenica Windsor Brokers

USDCAD

Better than expected Canada's retail sales (Mar 1.1% vs 1.0% f/c / Core 1.7% vs 0.9% f/c) pushed loonie to new one-month high at 1.3357. USDCAD's fresh bearish acceleration broke through 55SMA support (1.3394), former lows (1.3380/76) and pivotal support at 1.3368 (Fibo 61.8% of 1.3273/1.3520 upleg) to stall on approach to daily cloud top (1.3346). The pair is in red for the fourth straight day and maintaining strong bearish momentum, with upbeat data coming as a catalyst. Bears need close below cracked Fibo support at 1.3368 to generate negative signal for extension lower and penetration of daily cloud. Broken 55SMA should ideally cap upticks and maintain bearish stance, while extension above 30SMA (1.3422) would question bears.

Res: 1.3394; 1.3422; 1.3445; 1.3462
Sup: 1.3368; 1.3357; 1.3346; 1.3332

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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